PM Imran announces industrial package, says govt will remove all obstacles for SMEs

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PM Imran announces industrial package, says govt will remove all obstacles for SMEs​

Dawn.com Published March 1, 2022 - Updated26 minutes ago

Prime Minister Imran Khan addresses a ceremony in Lahore on Tuesday. — DawnNewsTV
Prime Minister Imran Khan on Tuesday emphasised the importance of industrialisation for Pakistan as he announced an industrial package just a day after slashing petrol and power prices as part of relief measures for the public.
Addressing a ceremony in Lahore during his day-long visit, the premier reflected on his time in government, saying the first thing his party should have done after coming into power was to encourage industrialisation.
"The biggest thing I should have done on the very first day [in office] was announce the package that I have given to the business community today," he said.
No country could progress by selling vegetables and wheat, he said, adding that Pakistan had been progressing rapidly 50 years ago but "nationalisation took us on a different trajectory and we never recovered" as he lamented that the past governments were "divorced from the direction they should have been on".

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Industrial package features:

• Incentives for investing in small and medium industries
• Incentives for restoring, investing in sick units
• Overseas Pakistanis to get five-year tax holiday when investing in the country
• Tax rate will be decreased by widening the tax base
• No questions will be asked for investments in the industrial sector

---

The prime minister said the previous governments had been against wealth creation and devised policies that were against profit-making, which he termed as a "socialist mindset".
"We had decided at the start to focus on industrialistion, [especially] the export-oriented industry. But, I see now the amnesty we gave ... we should not have given an open amnesty, we should have [instead] directed it towards industry."
He noted that the dollar crisis keeps on recurring if a country's exports do not increase. "Whenever our economy started growing [in the past], there would be a dollar deficit and we would have to go to the IMF (International Monetary Fund). There was no long-term planning," he rued.
The premier shared the aspects of the incumbent government's industrial policy, which he said would divert the "money lying in plots and not being productively used" in investment in the country's industries, ending unnecessary checks and creating ease for small and medium enterprises (SMEs) and incentivising investment in 'sick' industries.

Overseas Pakistanis​

Calling overseas Pakistanis the country's "biggest asset", the prime minister said he understood the obstacles they faced in investing in Pakistan. There was a lack of contract enforcement and overseas Pakistanis were "ruined" by courts if they approached them. Overseas Pakistanis would buy land but it would be taken over by land grabbers, he said.
"So we took action against land grabbers. We have set up courts for overseas Pakistanis and now we are inviting them [to invest] — they will have a five-year tax holiday, no questions asked. And if they do a joint venture with any Pakistani company, then both will get a 5-year tax holiday. The goal is to attract investment," he said.
He said that remittances had also risen to record levels after they were incentivised.
"As their trust increases that they can invest their capital in industry, this country will take off industry-wise. Successful Pakistani businessmen [overseas] will bring their money here. They have skills and money. They just need confidence and incentives."

IT sector​

The premier said that his government should have given the information technology sector an amnesty at the start of its term. "Look at how [the IT sector in] India has grown. They have exports of $40 billion annually and ours ... even after export grew 70 per cent is not even $4bn."
He lamented that the government had treated IT "like any other industry", noting that for the first time in Pakistan, both IT companies as well as freelancers have been incentivised "completely".
He added that the government needed to hold boot camps and change the syllabus at the university level.
"For an independent and honourable foreign policy, it is necessary that the country is standing on its feet. When a country is going around with hands [asking] for aid, participating in others' wars and making a foreign policy that is against the interests of its citizens because it is not standing on its own feet, the world does not respect it," he said.
"Let us make clear what our direction is: We have to industrialise Pakistan, give all sorts of incentives, remove all sorts of obstacles for small and medium industries and give every sort of facility to overseas Pakistanis."

PM Imran announces industrial package, says govt will remove all obstacles for SMEs

Emphasises the importance of industrialisation, says new policy will divert "money lying in plots" to the country's industries.

www.dawn.com

@Patriot forever @farok84 @ziaulislam @AZ1 @Jazzbot @Zibago @muhammadhafeezmalik @Tameem @Mav3rick @blueazure @HRK @blain2 @Verve @koolio @Dual Wielder @El Sidd @Indus Pakistan @Del @hydrabadi_arab

 

[imadul]

Many times he does try to go at the root of problems. Industrialization Policies have to remain intact for very long periods as it takes time to take effect on the ground and get results.
Bhutto nationalization was murdering Pakistans Industrialization.
PM is right Pakistan never recovered from bhutto nationalization.
Agriculture department must be active during next election.

 

[ziaulislam]

PM Imran announces industrial package, says govt will remove all obstacles for SMEs​

Dawn.com Published March 1, 2022 - Updated26 minutes ago

Prime Minister Imran Khan addresses a ceremony in Lahore on Tuesday. — DawnNewsTV
Prime Minister Imran Khan on Tuesday emphasised the importance of industrialisation for Pakistan as he announced an industrial package just a day after slashing petrol and power prices as part of relief measures for the public.
Addressing a ceremony in Lahore during his day-long visit, the premier reflected on his time in government, saying the first thing his party should have done after coming into power was to encourage industrialisation.
"The biggest thing I should have done on the very first day [in office] was announce the package that I have given to the business community today," he said.
No country could progress by selling vegetables and wheat, he said, adding that Pakistan had been progressing rapidly 50 years ago but "nationalisation took us on a different trajectory and we never recovered" as he lamented that the past governments were "divorced from the direction they should have been on".

---

Industrial package features:

• Incentives for investing in small and medium industries
• Incentives for restoring, investing in sick units
• Overseas Pakistanis to get five-year tax holiday when investing in the country
• Tax rate will be decreased by widening the tax base
• No questions will be asked for investments in the industrial sector

---

The prime minister said the previous governments had been against wealth creation and devised policies that were against profit-making, which he termed as a "socialist mindset".
"We had decided at the start to focus on industrialistion, [especially] the export-oriented industry. But, I see now the amnesty we gave ... we should not have given an open amnesty, we should have [instead] directed it towards industry."
He noted that the dollar crisis keeps on recurring if a country's exports do not increase. "Whenever our economy started growing [in the past], there would be a dollar deficit and we would have to go to the IMF (International Monetary Fund). There was no long-term planning," he rued.
The premier shared the aspects of the incumbent government's industrial policy, which he said would divert the "money lying in plots and not being productively used" in investment in the country's industries, ending unnecessary checks and creating ease for small and medium enterprises (SMEs) and incentivising investment in 'sick' industries.

Overseas Pakistanis​

Calling overseas Pakistanis the country's "biggest asset", the prime minister said he understood the obstacles they faced in investing in Pakistan. There was a lack of contract enforcement and overseas Pakistanis were "ruined" by courts if they approached them. Overseas Pakistanis would buy land but it would be taken over by land grabbers, he said.
"So we took action against land grabbers. We have set up courts for overseas Pakistanis and now we are inviting them [to invest] — they will have a five-year tax holiday, no questions asked. And if they do a joint venture with any Pakistani company, then both will get a 5-year tax holiday. The goal is to attract investment," he said.
He said that remittances had also risen to record levels after they were incentivised.
"As their trust increases that they can invest their capital in industry, this country will take off industry-wise. Successful Pakistani businessmen [overseas] will bring their money here. They have skills and money. They just need confidence and incentives."

IT sector​

The premier said that his government should have given the information technology sector an amnesty at the start of its term. "Look at how [the IT sector in] India has grown. They have exports of $40 billion annually and ours ... even after export grew 70 per cent is not even $4bn."
He lamented that the government had treated IT "like any other industry", noting that for the first time in Pakistan, both IT companies as well as freelancers have been incentivised "completely".
He added that the government needed to hold boot camps and change the syllabus at the university level.
"For an independent and honourable foreign policy, it is necessary that the country is standing on its feet. When a country is going around with hands [asking] for aid, participating in others' wars and making a foreign policy that is against the interests of its citizens because it is not standing on its own feet, the world does not respect it," he said.
"Let us make clear what our direction is: We have to industrialise Pakistan, give all sorts of incentives, remove all sorts of obstacles for small and medium industries and give every sort of facility to overseas Pakistanis."

PM Imran announces industrial package, says govt will remove all obstacles for SMEs

Emphasises the importance of industrialisation, says new policy will divert "money lying in plots" to the country's industries.

www.dawn.com

@Patriot forever @farok84 @ziaulislam @AZ1 @Jazzbot @Zibago @muhammadhafeezmalik @Tameem @Mav3rick @blueazure @HRK @blain2 @Verve @koolio @Dual Wielder @El Sidd @Indus Pakistan @Del @hydrabadi_arab

This is year 4 of PTI
Too late
Instead of accomplishing these things at year 1

Apart from health card ehsas and WAPDA reforms PTI basically failed to deliver on its refroms agenda

Biggesy failure IMO is what IK says him self..
Taxation..you cant tax you cant develop

Pakistan taxation is at 8.5% of GDP with almost non existent service sector taxation

If its able to tax service sector you will see your taxes doubel within a year with tax to gdp ratio hitting atleast 12%(we were at 12% in 1990s..so we are moving backwards)

Depsite claims
Of 8000b tax we need to understand this isnt much looking at devalution inflation and gdp rates

Also no education reforms

Govt promised technical schools revamp sylabus but did nothing

Govt promised ease of business but that fell off to do list

It promised tax reforms... fell off

Increase judges and law reforms..ok just now but still in process

 

[imadul]

This is year 4 of PTI
Too late
Instead of accomplishing these things at year 1

Apart from health card ehsas and WAPDA reforms PTI basically failed to deliver on its refroms agenda

Biggesy failure IMO is what IK says him self..
Taxation..you cant tax you cant develop

Pakistan taxation is at 8.5% of GDP with almost non existent service sector taxation

If its able to tax service sector you will see your taxes doubel within a year with tax to gdp ratio hitting atleast 12%(we were at 12% in 1990s..so we are moving backwards)

Depsite claims
Of 8000b tax we need to understand this isnt much looking at devalution inflation and gdp rates

Also no education reforms

Govt promised technical schools revamp sylabus but did nothing

Govt promised ease of business but that fell off to do list

It promised tax reforms... fell off

Increase judges and law reforms..ok just now but still in process

How to do reforms?
Family Ltd political mafias putting putting every effort to fail the govt and derail whatever democracy is there.
It is System that need reforms which is totally against the deep interest of Family Ltd Political Mafias.
This is PTI first government. To expect that they would replace most of dysfunctional system using dysfunctional system is unrealistic.
Two more terms required to break hold of Political Ltd Mafias.
And help from Agricultural department shall be required

 

[313ghazi]

This is year 4 of PTI
Too late
Instead of accomplishing these things at year 1

Apart from health card ehsas and WAPDA reforms PTI basically failed to deliver on its refroms agenda

Biggesy failure IMO is what IK says him self..
Taxation..you cant tax you cant develop

Pakistan taxation is at 8.5% of GDP with almost non existent service sector taxation

If its able to tax service sector you will see your taxes doubel within a year with tax to gdp ratio hitting atleast 12%(we were at 12% in 1990s..so we are moving backwards)

Depsite claims
Of 8000b tax we need to understand this isnt much looking at devalution inflation and gdp rates

Also no education reforms

Govt promised technical schools revamp sylabus but did nothing

Govt promised ease of business but that fell off to do list

It promised tax reforms... fell off

Increase judges and law reforms..ok just now but still in process

I agree with you on taxation 100%. It's essential. Ease of doing business they seem to offer lip service to every now and then, i think i read that there are things in place now that have improved it, at least for exporters. Maybe our PDF business community can comment.

Educational reforms, they're rolling out a new curriculum - the impact of which will need to be measured in 10 years time.

Technical schools - never heard anything about them, although they are the need of the hour.

 

[ziaulislam]

I agree with you on taxation 100%. It's essential. Ease of doing business they seem to offer lip service to every now and then, i think i read that there are things in place now that have improved it, at least for exporters. Maybe our PDF business community can comment.

Educational reforms, they're rolling out a new curriculum - the impact of which will need to be measured in 10 years time.

Technical schools - never heard anything about them, although they are the need of the hour.

They are nt inventing an atomic bomb that it took 4 years to get curriculum ready
But as whole 3/10 of what was promised
10/10 when compared to prior govts

How to do reforms?
Family Ltd political mafias putting putting every effort to fail the govt and derail whatever democracy is there.
It is System that need reforms which is totally against the deep interest of Family Ltd Political Mafias.
This is PTI first government. To expect that they would replace most of dysfunctional system using dysfunctional system is unrealistic.
Two more terms required to break hold of Political Ltd Mafias.
And help from Agricultural department shall be required

They have voting power now.

They wont get any more chances

 

[blueazure]

too late now

oil @ 117

global commodities ATH

wheat up almost 30 %


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not exactly a good time to start a business , khan is merely trying to salvage a wreck here ( aka PTI policies)

 

[_NOBODY_]

too late now

oil @ 117

global commodities ATH

wheat up almost 30 %


----------------------------------------


not exactly a good time to start a business , khan is merely trying to salvage a wreck here ( aka PTI policies)

What does an increase in global commodities prices have to do with industrialization? An increase in global commodities prices won't stop people from consuming. Your criticism makes no sense whatsoever.

 

[blueazure]

What does an increase in global commodities prices have to do with industrialization? An increase in global commodities prices won't stop people from consuming. Your criticism makes no sense whatsoever.

by all means, industrialize ,

mei ne aap ko roka to nahi hai bhai ,

 

[imadul]

They are nt inventing an atomic bomb that it took 4 years to get curriculum ready
But as whole 3/10 of what was promised
10/10 when compared to prior govts


They have voting power now.

They wont get any more chances

Trying More of the same dirty looters will solve? Looters looting for 30 years?
One need to realize it is System that works. It does not depend upon change of govt. Why system getting worst? Police, FBR, custom, education, beaurocracy, everything is shit.
This govt has collected more taxes. Worked on environment, managed covid and ehsas program. Credit should be given where due.
Though it is Karachi that provided 65%, other province are like leeches, don't want to pay their share. Nawaz never taxed Lahore and punjab traders and Punjab agricultural. Punjab should produce 1000 billion tax as it the richest province.